“I won’t be here to spend the life insurance benefit.”
Sure, one of the most popular reasons for buying life insurance is ensuring your family’s financial security after your homegoing. But the truth is, life insurance has many living benefits, too. Some term life insurance policies allow you to access a portion of your death benefit if you are ever diagnosed with a terminal, critical or chronic illness, which you can use however you wish.
Power of cash value
And permanent life insurance has the ability to accumulate cash value. You can use that money for whatever you like, such as for an emergency, a down payment on a house, or college—no questions asked! Or you can let the cash value continue to grow, which could supplement your retirement income. * The choice is yours.
Learn more about life insurance’s living benefits. Contact an insurance professional today.
* Withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid, and may result in tax liability if the policy terminates before the death of the insured